Urban investment Partners teamed up with fellow D.C. firm Nordheimer Cos. to acquire a pair of apartment buildings in northwest Washington with plans to carry out substantial renovations to both communities.
The 95-unit Walter Reed Apartments was constructed in 1967 at 6939 Georgia Ave., while the 69-unit Longfellow Apartments was built in 1932 at 5521 Colorado Ave.
The venture acquired the two buildings from D.C. firm Poretsky Building Group for $20.322 million, or nearly $124,000 per unit, after the properties went through the full District TOPA law, or the Tenant Opportunity to Purchase Act, a law that gives tenants an opportunity to buy their unit to protect them from being displaced due to possible rent increases by the new owner. As part of the negotiation process, additional consideration was paid to vacating tenants.
The buildings will undergo substantial property improvement. At the time of the sale, nearly 15% of the apartments were vacant and left vacant to prepare for planned improvements.
For the record:
Marty Zupancic and Christian Barreiro of Marcus & Millichap represented the Poretsky Building Group in the transaction.
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